NY A06737

Establishes a temporary 15-member New York State Commission on Establishing a Bank Owned by New York State to study the feasibility of creating a state-owned bank or bank operated by a public authority

Commission membership includes six governor appointees (including representatives from banking department and tax department), the state comptroller, three appointees from the senate president, one from senate minority leader, three from assembly speaker, and one from assembly minority leader

Commission shall examine technical, legal, and financial feasibility of state-owned banks; evaluate experiences of other states with state-owned banks; analyze public fund investments and lending practices; and investigate how a state bank could support agriculture, education, community development, and economic growth

Commission must hold at least three public hearings in different geographic regions and publish findings, recommendations, and any necessary legislative drafts in a written report within one year of the act's effective date

The commission and all its provisions expire and are repealed one year after the act takes effect